Cullinan Associates Inc buys $14,885,084 stake in Paychex (PAYX)

Paychex (PAYX) : Cullinan Associates Inc scooped up 65,392 additional shares in Paychex during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 1, 2016. The investment management firm now holds a total of 250,422 shares of Paychex which is valued at $14,885,084.Paychex makes up approximately 1.21% of Cullinan Associates Inc’s portfolio.

Paychex closed down -0.06 points or -0.10% at $59.44 with 44,18,164 shares getting traded on Friday. Post opening the session at $59.11, the shares hit an intraday low of $58.52 and an intraday high of $59.6 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Paychex reported $0.49 EPS for the quarter, based on the information available during the earnings call on Jun 30, 2016. Analyst had a consensus estimate of $0.49. The company had revenue of $753.90 million for the quarter, compared to analysts expectations of $751.03 million. The company’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.

Many Wall Street Analysts have commented on Paychex. Compass Point Initiated Paychex on Apr 15, 2016 to “Sell”, Price Target of the shares are set at $45.

Paychex Inc. is a provider of integrated payroll human Resource insurance and benefits outsourcing solutions for small- to medium-sized businesses. The Company focuses on providing payroll and human Resource services; delivering these services; growing its client base through the efforts of its direct sales force; improving client service through its leading-edge technology; capitalizing on the growth opportunities within its existing client base and from new clients; investing in business through expansion of its services and product offerings; and supplementing its growth through strategic acquisitions. The Company offers services and products that allow its clients to meet their diverse payroll and human Resource needs. These include: payroll processing; payroll tax administration services; employee payment services; regulatory compliance services; Paychex HR Services; retirement services administration; insurance services; and online HR administration services.

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